Guideline Value for G.K.M. Colony 34th Street Vinobaji Street

G.K.M. Colony 34th Street Vinobaji Street guideline value

The current guideline value for G.K.M. Colony 34th Street Vinobaji Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Konnur village and falls under the Konnur SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of G.K.M. Colony 34th Street Vinobaji Street has changed

The guideline value for G.K.M. Colony 34th Street Vinobaji Street has undergone several revisions over the years. In 2002, the guideline value was Rs 399 per sq.ft, which increased to Rs 433 per sq.ft in 2003, marking a change of +9%. The value saw a significant rise to Rs 800 per sq.ft in 2007, reflecting an increase of +85%. In 2012, it was adjusted to Rs 5,000 per sq.ft, resulting in a decrease of -33%. The value then rose again to Rs 3,350 per sq.ft in 2017, showing an increase of +49%. The most recent revision in 2023 set the value at Rs 5,000 per sq.ft, and the current rate of Rs 5,500 per sq.ft from the 2024 revision marks a change of +10%.

There are no figures available for the years not mentioned in the revisions for this street. Overall, from 2002 to 2024, the guideline value has increased by +1278%.

Guideline values in Konnur

In Konnur, there are 249 streets under the Konnur SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 7,100 per sq.ft. The median guideline value in this area is Rs 3,800 per sq.ft, placing the G.K.M. Colony 34th Street Vinobaji Street's 2024 figure above that median.

• G.K.M. Colony 33rd Street Thiru. V.KA Street: Rs 5,500 per sq.ft (2024)
• G.K.M. Colony 35th Street Asath Street: Rs 5,500 per sq.ft (2024)
• G.K.M. Colony 32nd Street Jeevanantham Street: Rs 5,500 per sq.ft (2024)
• G.K.M. Colony 36th Street Jayprakash Street: Rs 5,500 per sq.ft (2024)
• G.K.M. Colony 37th Jambulingam Street: Rs 5,500 per sq.ft (2024)
• G.K.M. Colony 31th Street Ma.Po.Sivagnanam. Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in G.K.M. Colony 34th Street Vinobaji Street

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the guideline value would be Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. Please note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers G.K.M. Colony 34th Street Vinobaji Street?

The G.K.M. Colony 34th Street Vinobaji Street falls under the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Konnur

The guideline value is an essential factor in the registration process when buying or selling property in Konnur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction, ensuring that both the buyer and seller are aware of the financial obligations involved.

When a property is sold, the guideline value is used to calculate the stamp duty, which is charged on the higher of the guideline value or the actual sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as determined by the latest revisions.

Frequently asked questions

What is the current guideline value for G.K.M. Colony 34th Street Vinobaji Street?

The current guideline value for G.K.M. Colony 34th Street Vinobaji Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 399 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of +1278%.

What are the other streets in Konnur with the same guideline value?

Other streets in Konnur, such as G.K.M. Colony 33rd Street Thiru. V.KA Street, G.K.M. Colony 35th Street Asath Street, and others, also have a guideline value of Rs 5,500 per sq.ft for 2024.

Where is the Konnur Sub Registrar Office located?

The Konnur Sub Registrar Office is located at Sub Register Office, Villivakkam Panchat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at a rate of 7%.